An influx of international brains might benefit China's financial industry, but does not bode well for those already working in it.

Zhang Ruijun, a friend of Li Sha who receives his doctorate in economics from the renowned Renmin University later this year, recently wrote the baleful legend, "born at a bad time, wronged for life," on MSN. His chagrin is understandable. Workers with BA or Master's degrees in the securities sector in 2006 and 2007 were earning six-to-seven digit annual salaries. Zhang hence had good reason to believe that someone like himself with a doctorate could clean up. But his ambitions were shattered a few months before he graduated by the recession that swept across the world leaving high unemployment in its wake.

A news item about prospective job cuts at China International Capital Co., Ltd. (CICC) in mid-October 2008 sparked panic in China's securities circles as it raised the prospect of a chain reaction throughout the industry. CICC quickly released the disclaimer, "Although the market is weak, it is still important to maintain a talent reserve. We won't let go of people with abilities."

But assurances from a single employer, no matter how big, cannot rescue the generally flagging labor market. In the second half of 2008, the job advertising website 51job.com recorded a 12 percent drop in posts offered by financial companies, and a 6 percent fall in openings at real estate corporations.

Employees amid this economic downturn should hold fast to their bird in hand rather than look for new jobs, is the advice of Prof. Wang Fanghua, president of Antai College of Economics and Management, Shanghai Jiao Tong University. It might be worth going back to school to learn new skills and knowledge. "Our university has seen a surge in applicants this year. This confirms the generally believed rule that at times of thriving economy people focus on making money, and when things are quiet on the economic front people seek refuge in higher education, such as an MBA course."